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TrueUSD (TUSD) Strives to Resume Minting with Prime Trust

In recent updates, the TrueUSD (TUSD) team has announced that they are actively engaged in efforts to resume TUSD minting on Prime Trust. This announcement was made following an unexpected pause in TUSD minting via Prime Trust, an event that took place on June 10.

Displaying their commitment to a seamless user experience, the TUSD team stated on June 13, “We are diligently working towards resuming TUSD minting on Prime Trust. We understand the importance of providing a seamless experience for our users.”

It is important to note that the disruption with Prime Trust has not impacted TUSD minting and redemption services with other banking partnerships. These services continue to operate as per usual, as was clarified by the team in a tweet from June 10.

“TUSD minting and redemption services remain unaffected and will continue to operate as usual,” the TUSD team announced, “We want to assure you that our partnerships with other banking institutions remain intact, allowing for seamless transactions.”

Throughout these developments, the TUSD team has shown a clear commitment to transparency, regularly updating their user base and expressing appreciation for their patience and support. The team has further promised to provide prompt updates as the situation evolves.

“We appreciate the patience and support of our community during this process and will provide updates as soon as new developments occur. Thank you for your trust in TUSD,” they shared on June 13.

Though the temporary pause with Prime Trust operations has introduced some inconvenience, the proactive measures taken by the TUSD team to address and rectify the situation demonstrate their dedication to their users.

TrueUSD's TUSD Circulating Supply Surpasses $3 Billion Despite Prime Trust's Challenges

In June 2023, TrueUSD (TUSD) experienced significant growth and adoption across multiple blockchain ecosystems. With the circulating supply reaching 3,059,838,623 TUSD, backed by dollar reserves of over $3 billion, the stablecoin is gaining more recognition in the crypto markets.

TUSD showed a broad spread across various networks with TRON taking the lead with 2,297,017,674 TUSD, Ethereum trailing behind at 729,591,343 TUSD, and BNB Smart Chain (Native) hosting 30,097,865 TUSD. Avalanche, BNB Beacon Chain, Fantom, Polygon, and several other networks also supported a sizeable amount of TUSD.

TrueUSD’s growing adoption was further evidenced by its integration into different platforms and protocols throughout the month. The Web3 shopping platform, UQUID, adopted TUSD as a payment option on June 5th, providing users with a new method to shop. TUSD was also incorporated into the Megaton Finance on the TON network, broadening its presence in the financial sector.

Binance, the world-renowned crypto exchange, played a significant role in promoting TUSD adoption during June. It initiated a TUSD contract swap on the BNB Smart Chain, and upon its successful completion, launched the 34th phase of new token mining, supporting TUSD mining. Binance’s Auto-Invest platform added TUSD as a payment option, and it supported the swapping of the new native TUSD on the BSC network for TUSDOLD, offering users a seamless conversion process.

Venus recognized the rising importance of TUSD by launching the VIP-129 proposal to support the new native TUSD, and following its approval, the market for the token went live. Additionally, Pancake V3 introduced the TUSD Syrup Pool and Farms, providing users with more opportunities to earn rewards.

TrueUSD’s reach extended to Kraken, another major crypto exchange, which enabled deposits and withdrawals of TUSD on the TRON network by the end of June. Binance further cemented TUSD’s position by launching a zero maker fee promotion for all existing TUSD spot and margin trading pairs and added BCH/TUSD and CFX/TUSD trading pairs to its platform.

Alongside these product developments, TrueUSD made strides in community engagement through various campaigns. Binance C2C and Binance Earn launched time-limited campaigns, offering new users a chance to win up to 175 TUSD. The UquidParty online campaign and PancakeSwap’s TUSDQuiz on Telegram created interactive opportunities for participants to win a share of TUSD prizes.

It’s worth pointing out that, despite TrueUSD’s claim to have launched as the “first USD stablecoin operated by a regulated operator,” it might face certain challenges. TrueUSD’s technology partner, Prime Trust, has been grappling with serious issues. Rumors of insolvency swirled around Prime Trust in early June. This situation escalated on June 22 when the Department of Business and Industry in Nevada issued a cease and desist order against the company. Consequently, Prime Trust abruptly put a stop to all fiat and cryptocurrency deposits and withdrawals.

Nevertheless, TrueUSD denied any impact from the Prime Trust situation. In a recent tweet, the company asserted, ‘Prime Trust has suspended all deposits of fiat and digital assets. However, #TrueUSD (#TUSD) is not affected by this development. We don’t have any exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds with TUSD remain secure.’

TrueUSD Partners with Alchemy Pay to Facilitate Direct Crypto Purchases in 173 Countries

Alchemy Pay, a leading fiat-crypto payment gateway founded in Singapore in 2017, has partnered with TrueUSD (TUSD), a transparent stablecoin fully backed by the USD. Alchemy Pay connects crypto with traditional fiat currencies, offering solutions such as On & Off Ramp, NFT Checkout, Crypto Card, and Crypto Payments, supporting payments in 173 countries.

This collaboration will offer Alchemy Pay’s On-Ramp solution, making TUSD directly purchasable from Alchemy Pay’s Ramp page. Users from 173 countries can now acquire TUSD using fiat currencies, marking a seamless entry into the TrueUSD ecosystem.

TrueUSD (TUSD) is the first USD pegged stablecoin with live on-chain attestations by independent third-party institutions. It has been listed on over 100 trading platforms and is live on 10+ mainstream public chains, including Ethereum, TRON, Avalanche, BNB Chain, Fantom, and Polygon. TUSD is attested in real-time by The Network Firm LLP, an independent CPA firm, and integrated with Chainlink’s Proof of Reserve to secure minting and ensure transparency and reliability. TUSD was granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica on October 7th, 2022.

Alchemy Pay’s Commitment to Crypto Adoption

Alchemy Pay’s network, with over 300 fiat payment channels across 173 countries, is dedicated to simplifying the crypto onboarding experience. The company’s efforts in obtaining licenses to operate payment services in countries like Canada, Indonesia, and Lithuania demonstrate its proficiency in the crypto payment industry.

The Ramp provided by Alchemy Pay integrates effortlessly with platforms such as DeFi protocols, NFT marketplaces, and exchanges. It enables easy crypto purchases using credit and debit cards, mobile wallets, and bank transfers. Additionally, Alchemy Pay’s Ramp offers a user-friendly offboarding experience, supporting transactions to bank accounts in more than 50 fiat currencies through remittance partners.

TrueUSD’s Transparency and Accessibility

TrueUSD is recognized for its 24-hour live on-chain attestation, prioritizing transparency, security, and stability. After integrating with Chainlink, TUSD became the first USD-backed stablecoin to utilize Proof of Reserves for secure minting. It is now natively available on various blockchains, including BNB Chain, Ethereum, TRON, and Avalanche, and has expanded to other public chains.

This integration between TrueUSD and Alchemy Pay may signify a substantial step in fostering greater connectivity between everyday people and the thriving crypto industry. By bridging the gap between fiat and crypto, it opens new avenues for users and contributes to the broader acceptance and utilization of cryptocurrencies.

TrueUSD Depegging Linked to Binance Launchpool Activities

On January 18, 2024, TrueUSD (TUSD) blames Binance Launchpool mining activities for the depegging on X. It says,

Regular attestations are ongoing as part of our standard operations, and any claims suggesting otherwise are incorrect. We have observed recent community mining activities associated with Binance Launchpool, which have led to short-term arbitrage opportunities.

The recent depegging of TrueUSD (TUSD) has garnered significant attention in the cryptocurrency community. This event was closely associated with the activities on Binance Launchpool and resulted in TUSD’s value dropping below its $1 peg, reaching as low as $0.97.

On January 15, 2024, a substantial sell-off of TUSD was observed on the cryptocurrency exchange Binance, leading to a notable depegging from the US dollar. Over a 24-hour period, traders sold more than $339.2 million worth of TUSD, compared to $296.8 million in buy orders, resulting in a net outflow of $42.3 million from the exchange.

The situation was exacerbated when TrueUSD experienced issues with real-time attestations of its reserves around January 10, raising concerns about the stablecoin possibly being undercollateralized. These technical difficulties, identified in the API, prevented the provision of accurate U.S. dollar values to its collateral assets. Additionally, on Poloniex, a cryptocurrency exchange, TUSD had been trading at about 8% below its peg for several weeks, while maintaining a relatively steady price around $0.99 on Binance.

Addressing the depegging, the TrueUSD team linked the incident to activities associated with Binance Launchpool. They observed recent community mining activities that led to short-term arbitrage opportunities. Despite concerns, TrueUSD reassured users about the normality of such market dynamics and liquidity adjustments. They emphasized the smooth operation of their redemption channels and the ongoing functionality of TUSD minting and redemption services.

This incident of depegging raises broader questions about the stability and transparency of stablecoins in the crypto market. In June 2023, TrueUSD had temporarily halted its automated attestations due to balance discrepancies. The stablecoin issuer later announced an upgrade in their fiat reserve audit and attestation system in partnership with accounting firm MooreHK. TrueUSD stated that their total assets held in reserve accounts amounted to $1.93 billion.

The recent decline in TUSD’s value coincided with the introduction of a rival stablecoin, FDUSD, into Binance’s staking program. Market analysts speculate that a significant number of investors sold TUSD for FDUSD to participate in Binance’s rewards programs, potentially contributing to TUSD’s de-pegging.

TrueUSD’s depegging highlights the fragility of stablecoins in volatile market conditions and the need for robust mechanisms to maintain pegs to underlying assets. It also underscores the importance of transparency and trust in the management of stablecoin reserves, which are crucial for maintaining investor confidence and the overall stability of the crypto market.